Rallis India Q4 PAT drops 8.82% to Rs 3l crore

Mumbai, Apr 24 (PTI) Tata Group company Rallis India today reported 8.82 per cent decline in profit after tax (PAT) at Rs 3l crore in the quarter ended March 31 compared to the same period last year.

PAT stood at Rs 34 crore during the corresponding quarter of the previous financial year, the manufacturer of agricultural products said in a release here.

The company registered a marginal decline in revenue during the fourth quarter at Rs 367 crore from Rs 371 crore in the same period of the last financial year.

"Our overall performance in Q4 was in line with previous year. The below normal northeast monsoon severely affected the key southern states with 30 reservoirs in the regions below 40 per cent storage levels. Overall, rabi (winter) cropping acreages are up 5 per cent except paddy which is down 12 per cent," Rallis Managing Director and CEO V Shankar said.

He said during the quarter, the company introduced Neonix - a seed treatment solution against soil borne insect and disease complex for groundnut.

"Our brands such as Ergon, Summit, Mark, Epic, Zeeny and Panida Grande have registered good growth in 2016-17 and will be key drivers of growth going forward. We continued with our focus on working capital and placing stocks to align with market requirements," he said.

Rallis, Shankar said, continued to have near zero debt status with emphasis on cash.

The forecast for normal monsoon this year augurs well for the coming kharif season, he said.

"International business have performed in line with expectations. We have been qualified for a couple of new businesses in contract manufacturing," he added. PTI SM RSY RDS

This is unedited, unformatted feed from the Press Trust of India wire.

Do You Like This Story? Awesome! Now share the story Too bad. Tell us what you didn't like in the comments